Lombardi Properties will soon break ground on an eight-story office building in Miami’s Wynwood Arts District. Lombardi obtained a $12 million construction loan from Amerant Bank.
Plans call for starting construction on the Doris within the next month and a half and completing it in about 16 months. By His Grace Construction will be the general contractor.
The Doris will have 27,000 square feet of office space and 1,800 square feet of retail space, but there will be no on-site parking.
The S. Florida Business Journal reports that the project will include small spec suites, under 2,000 square feet. The suites will include kitchenettes, two private offices, a private bathroom and a terrace. The Doris will have 14 suites.
Miami-based Deforma Studio designed the Doris.
Colliers reports that the vacancy rate in the Wynwood/Design District market was 16.4%, and the average asking rent was $78.24 per square foot. It reported negative absorption of 22,085 square feet in the second quarter. There were 404,029 square feet of office under construction.
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